MIRA INFORM REPORT

 

 

Report No. :

334770

Report Date :

01.08.2015

 

IDENTIFICATION DETAILS

 

Name :

OPTEX FA CO LTD

 

 

Registered Office :

Kyoto Research Park 9-Gokan 4F, Kuritamachi Chudoji Shimogyoku Kyoto 600-8815

 

 

Country :

Japan

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

January 2002

 

 

Legal Form :

Limited Company (Kabushiki Kaisha

 

 

Line of Business :

Mfr,(fabless) of FA-use photoelectric sensors, laser sensors, fiber sensors, displacement sensors, color vision sensors, other (--100%).

 

 

No. of Employee :

118

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

Yen 189.6 Million

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No complaints

 

 

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

JAPAN ECONOMIC OVERVIEW

 

In the years following World War II, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (1% of GDP) helped Japan develop an advanced economy. Two notable characteristics of the post-war economy were the close interlocking structures of manufacturers, suppliers, and distributors, known as keiretsu, and the guarantee of lifetime employment for a substantial portion of the urban labor force. Both features are now eroding under the dual pressures of global competition and domestic demographic change. Scarce in many natural resources, Japan has long been dependent on imported raw materials. Since the complete shutdown of Japan’s nuclear reactors after the earthquake and tsunami disaster in 2011, Japan's industrial sector has become even more dependent than it was previously on imported fossil fuels. A small agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. While self-sufficient in rice production, Japan imports about 60% of its food on a caloric basis. For three decades, overall real economic growth had been impressive - a 10% average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the aftereffects of inefficient investment and an asset price bubble in the late 1980s that required a protracted period of time for firms to reduce excess debt, capital, and labor. Modest economic growth continued after 2000, but the economy has fallen into recession four times since 2008. Government stimulus spending helped the economy recover in late 2009 and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude earthquake and the ensuing tsunami in March of that year disrupted manufacturing. The economy has largely recovered in the four years since the disaster, although reconstruction in the affected Tohoku region has lagged, in part due to a shortage of labor in the construction sector. Japan enjoyed a sharp uptick in growth in 2013 on the basis of Prime Minister Shinzo Abe’s “Three Arrows” economic revitalization agenda - dubbed “Abenomics” - of monetary easing, “flexible” fiscal policy, and structural reform. Abe’s government has replaced the preceding administration’s plan to phase out nuclear power with a new policy of seeking to restart nuclear power plants that meet strict new safety standards, and emphasizing nuclear energy’s importance as a base-load electricity source. Japan joined the Trans-Pacific Partnership (TPP) negotiations in 2013, a pact that would open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2014 stood as the fourth-largest economy in the world after first-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2012. While seeking to stimulate and reform the economy, the government must also devise a strategy for reining in Japan's huge government debt, which amounts to more than 230% of GDP. To help raise government revenue, Japan adopted legislation in 2012 to gradually raise the consumption tax rate to 10% by 2015, beginning with a hike from 5% to 8% implemented in April 2014. That increase had a contractionary effect on GDP, however, so PM Abe in late 2014 decided to postpone the final phase of the increase until April 2017 to give the economy more time to recover. Led by the Bank of Japan’s aggressive monetary easing, Japan is making progress in ending deflation, but demographics - low birthrate and an aging, shrinking population - pose major long-term challenges for the economy.

 

Source : CIA

 

 

Company name and address

 

OPTEX FA CO LTD

 

REGD NAME:               Optex Fa KK

MAIN OFFICE:              Kyoto Research Park 9-Gokan 4F, Kuritamachi Chudoji Shimogyoku Kyoto                                                                                                    600-8815 JAPAN

Tel: 075-325-2920           Fax: 075-325-2921

 

                                    *.. The is its Tokyo Office     -

 

URL:                 http://www.optex-fa.jp

E-Mail address:            (thru the URL)

 

 

ACTIVITIES

 

Import, export, wholesale of FA-use photoelectric sensors, other

 

 

BRANCHES

 

Tokyo, Nagoya, Ebina, Kobe, Fukuoka (Tot 5)

 

 

OVERSEAS

 

China

 

 

CHIEF EXEC

 

ISAMU OGUMI, PRES

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                             A/SALES          Yen 1,329 M

PAYMENTSNO COMPLAINTS    CAPITAL           Yen 553 M

TREND UP                                WORTH            Yen 3,109 M

STARTED         2002                             EMPLOYES      118

 

 

COMMENT

 

TRADING FIRM SPECIALIZING IN FA-USE PHOTOELECTRIC SENSORS

FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY

BUSINESS ENGAGEMENTS.

 

MAX CREDIT LIMIT: YEN 189.6 MILLION, 30 DAYS NORMAL TERMS

 

 

Unit: In Million Yen

Forecast figures for the 31/12/2015 fiscal term.

 

 

HIGHLIGHTS

 

The firm was established on the basis of a spin-off from the industrial photoelectric sensor division of OPTEX (parent company) in 2002.  This is a trading firm for import, export and wholesale of fA-use photoelectric sensors.  Carry on fabless management with production entirely subcontracted.  Has tie-up German firm Sick AG in development and sales.  Subsidiary of Optex Co.  Fostering LED business.  The majority of its sales comes from Sick.  The company supply mainly to food, pharmaceutical and beverage industries in the domestic market.

 

 

FINANCIAL INFORMATION

 

The sales volume for Dec/2014 fiscal term amounted to Yen 5,182 million, a 10.9% up from Yen 4,673 million in the previous term.  The recurring profit was posted at Yen 274 million and the net profit at Yen 201 million, respectively, compared with Yen 323 million recurring profit and Yen 280 million net profit, respectively, a year ago.

 

(Jan/Mar/2015 results): Sales Yen 1,329 million (up 8.9%), operating profit Yen 48 million (up 11.7%), recurring profit Yen 55 million (up 8.3%), net profit Yen 30 million (down 8.9%).  (% as compared with the corresponding period a year ago).

 

For the current term ending Dec 2015 the recurring profit is projected at Yen 400 million and the net profit at Yen 260 million, respectively, on a 12.9% rise in turnover, to Yen 5,850 million.

           

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 189.6 million, on 30 days normal terms.

 

 

REGISTRATION

           

Date Registered:　       Jan 2002

Legal Status:                Limited Company (Kabushiki Kaisha

Authorized:                              16 million shares

Issued:                         5,009,000

Sum:                            Yen 553 million

 

Major shareholders (%): Optex Co (54.3), IDEC Corp (3.9), Isamu Ogumi (2.9), Nichicon Corp (1.5), Hokuyo Automatic (1.5), Master Trust Bank of Japan T (1.4), Ofrom Co (1.1), Tooru Kobayashi (1.1), Toshihiko Iwata (0.9), Hiroyuki Nishihara (0.8); foreign owners (0.5)

 

No. of shareholders: 1,182

 

Listed on the S/Exchange (s) of: JASDFAQ

 

Managements: Isamu Ogumi, pres; Masakuni Sakaguchi, dir, Hiroyuki Nishihara dir; Tasuku Yuguchi, dir; Toru Fukuda, dir

 

Nothing detrimental is known as to the commercial morality of executives.

 

Related companies: Optex Co, Sick Optex Co, Other.

 

 

OPERATION

           

Activities: Mfr,(fabless) of FA-use photoelectric sensors, laser sensors, fiber sensors, displacement sensors, color vision sensors, other (--100%).

           

Clients: [Mfrs, wholesalers] Sick Ag ((Germany), Stately, Meisan Industry, Nichiden Corp, Tsubakimoto Kogyo, Light Denkyo, other

No. of accounts: 500

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Ofrom Co, Optex Co, IDEC, other

 

Payment record: No Complaints

 

 

 

Location: Business area in Kyoto.  Office premises at the caption address are leased and maintained satisfactorily.

 

Bank References:

MUFG (Kyoto-Chuo)

Relations: Satisfactory

 

 

FINANCES

 

(In Million Yen)

FINANCES: (Consolidated in million yen)

　

　

　

Terms Ending:

31/12/2014

31/12/2013

INCOME STATEMENT

　

　

  Annual Sales

　

5,182

4,673

　

  Cost of Sales

3,003

2,714

　

      GROSS PROFIT

2,178

1,958

　

  Selling & Adm Costs

1,976

1,639

　

      OPERATING PROFIT

202

319

　

  Non-Operating P/L

72

4

　

      RECURRING PROFIT

274

323

　

      NET PROFIT

201

280

BALANCE SHEET

　

　

  Cash

　

1,375

776

　

  Receivables

1,264

1,179

　

  Inventory

547

374

　

  Securities, Marketable

　

　

　

  Other Current Assets

305

233

　

      TOTAL CURRENT ASSETS

3,491

2,562

　

  Property & Equipment

67

55

　

  Intangibles

209

35

　

  Investments, Other Fixed Assets

362

919

　

      TOTAL ASSETS

4,129

3,571

　

  Payables

290

267

　

  Short-Term Bank Loans

　

　

　

　

　

　

　

  Other Current Liabs

445

195

　

      TOTAL CURRENT LIABS

735

462

　

  Debentures

　

　

　

  Long-Term Bank Loans

　

　

　

  Reserve for Retirement Allw

155

139

　

  Other Debts

　

110

94

　

      TOTAL LIABILITIES

1,000

695

　

      MINORITY INTERESTS

　

　

Common stock

553

553

　

Additional paid-in capital

560

560

　

Retained earnings

1,846

1,744

　

Evaluation p/l on investments/securities

9

(7)

　

Others

222

25

　

Treasury stock, at cost

(62)

　

　

      TOTAL S/HOLDERS` EQUITY

3,128

2,875

　

      TOTAL EQUITIES

4,129

3,571

CONSOLIDATED CASH FLOWS

　

　

Terms ending:

31/12/2014

31/12/2013

　

Cash Flows from Operating Activities

　

124

168

　

Cash Flows from Investment Activities

448

-40

　

Cash Flows from Financing Activities

7

-100

　

Cash, Bank Deposits at the Term End

　

1,375

776

ANALYTICAL RATIOS            Terms ending:

31/12/2014

31/12/2013

　

Net Worth (S/Holders' Equity)

3,128

2,875

　

Current Ratio (%)

474.97

554.55

　

Net Worth Ratio (%)

75.76

80.51

　

Recurring Profit Ratio (%)

5.29

6.91

　

Net Profit Ratio (%)

3.88

5.99

　

　

Return On Equity (%)

6.43

9.74

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.00

UK Pound

1

Rs.99.83

Euro

1

Rs.70.16

 

 

INFORMATION DETAILS

 

Analysis Done by :

TRI

 

 

Report Prepared by :

ANK

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.